The steel giant, which produces emissions equivalent to Belgium’s entire output, had estimated a $10 billion investment by 2030 for decarbonisation, with €3.5bn ($3.7bn) in subsidies already secured to aid its transition.
In Spain, ArcelorMittal secured a significant €450m ($483m) government grant aimed at developing zero-emission, green hydrogen-based steelmaking. However, the company has recently postponed plans to utilise green hydrogen in favour of carbon-intensive fossil gas, despite continuing to benefit from the subsidy.
“ArcelorMittal makes a lot of shiny claims about cleaning up its operations, but it has no right to call itself a climate leader when it secures billions in government subsidies before backtracking on plans to end fossil fuel use,” said Caroline Ashley, Director of Steelwatch.
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